Equity Research - Colombia Company Alert th April 27 , 2016 Telecom, IT & Media ETB Minimum price comes at a 6.5% premium Rating :BUY TP: COP 690

The District published the minimum price for the sale of its controlling CREDICORP CAPITAL RESEARCH stake of ETB. This price was set at COP 671/share and implies a 6.5% premium, a 1.2x P/BV and a 6.3x LTM EV/EBITDA multiple, in line with our Steffania Mosquera 690 T.P. Among this favorable transaction floor and with ETB at a +(571) 3394400 ext. 1025 strategic market position, with a cutting edge infrastructure, we reiterate [email protected] our BUY recommendation. Juan Camilo Dauder Sale process sets an opportunity for minority shareholders, as they have +(574) 2042525 ext. 4155 tag along rights in case of a transaction that results in the transfer of +30% [email protected] stake of the company, while the District is in the sale process of a controlling stake (86.4%). Strategic shareholders should be interested in acquiring control, Stock Data which should not be available under COP 671/share, and sets a minimum Ticker etb cb premium of 6.5% for minority shareholders, should the sale process conclude. Price (COP) 630 ETB as a tactical asset. ETB is the only provider of FTTH in Colombia, with Target (COP) 690 1.3mn connected households in Bogota. Among the current telecom Total Return 10% environment of heavy competition, this asset should be valuable either for LTM Range 560.0 - 655.0 fortifying an existing position in Colombia, or for entering the Colombian market Market Cap (USD mn) 763 with an important position in a venue such as Bogota. That said, upside form the transaction is subject to interest from third parties. Shares Outstanding (mn) 3,550 Free Float 11.6% Market position improves in TV and mobile markets, while internet and ADTV (USD mn) 0.15 fixed line remain challenging. The company is gaining TV users successfully, as it has reached a +8% market share over the last 3 years in spite of heavy competition in Bogota, setting its product as the most competitive of the market, Price Chart (COP) and Volume (USD mn) while it continues to gain share in mobile market. However, performance in 120 4 internet has not been as impressive, with a mere 0.3% market share gain over 110 the last year. At the same time, the company continues to slowly lose market 3 share in fixed line. 100 2 Revenue mix continues to have a positive trend, with the replacement of 90 USD mn copper revenues. Users of non copper products almost doubled during 2016, 1 with an 87% growth in fiber, 70% in TV and a 80% in mobile; these products 80 were worth 21% of the revenue in 2016, compared to 10% in 2015, displaying 70 0 the modernization of the company. Apr-16 Aug-16 Dec-16 Apr-17 ETB COLCAP Cost structure continues to improve, beating our EBITDA estimates over the last three quarters, with an EBITDA margin of 29.1% for 2016. We believe this displays the transformation the company is going through, setting an entry opportunity for a strategic shareholder that could continue with this process. Sources: Bloomberg Valuation Sumary 2014 2015 2016E 2017E 2018E

EV/EBITDA 3.2x 3.0x 5.7x 5.3x 4.6x IMPORTANT NOTICE (US FINRA RULE 2242) This document is intended for INSTITUTIONAL INVESTORS and is not subject to all of the independence and P/E n.a n.a n.a n.a n.a disclosure standards applicable to debt research reports prepared for retail investors. Credicorp Capital may do or seek to do business with companies P/BV 0.6x 0.8x 1.0x 1.2x 1.3x covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Div Yield 3.4% 21.9% 0.0% 0.0% 0.0% Investors should consider this report as only a single factor in making their investment decision. Refer to important disclosures on page 18 to 22, Analyst Sources: Company Reports and Credicorp Capital; E Credicorp Capital Estimates Certification on Page 18. Additional disclosures on page 22. 1 Next Steps ETB is currently going through a sale process for the share of the District in the company as stipulated under Law 226 of 1995 (Law for government property divestments). According to Law 226, the sale process should comply with three conditions i) under no circumstances should the sale harm government interests, meaning that the transaction Sale process of can not be closed under Book Value; ii) the sale should be supported by technical studies shares for that take under consideration the profitability, the liabilities and assets of the company, general meaning a valuation opinion from an investment bank (in this case JP Morgan) and iii) investors should given that ETB provides a public service, the continuity of its services should be start during July, guaranteed. at prices not lower than COP The sale has already been approved by the Bogota Council (May 30th) and the minimum 671/share price was published during April 26th at COP 671/share. The next step for the sale is a 2 month period, from the 2nd week of May to the 2nd week of July to prioritize purchases from special actors such as mutual funds, labor unions, employees and former employees of the company. Once this process in concluded, other actors, including strategic investors should enter the transaction, at a price not lower than the minimum price (COP 671/share).

Possible strategic bidders

. Millicom, which operates through TIGO in Colombia has stated its interest in Companies such purchasing a stake of ETB. Millicom has presence in Latam and Africa. It has a as Millicom, close relationship with ETB, related to the JV they have in mobile services, where EPM, AT&T and Millicom has a 18% mobile market share while ETB has a 1% share. A purchase of Telefonica have ETB could represent important synergies as Millicom bundles TV + Mobile + Internet expressed their outside Colombia. A purchase would allow the multinational to complete its bundle, interest on from currently having only mobile services (directly). Millicom could also profit from purchasing a ETB’s data center, another business line from both companies. stake on ETB. . EPM has stated it is interested in the purchase of a stake in ETB. This would allow the company to have a stronger position in Bogota’s internet market, where ETB has a 34.1% market share and EPM has a 8.7% market share. This would place EPM as the main competitor of Claro in internet both in Bogota and in Colombia (where Claro holds 37% and 47% respectively). . It is noteworthy that UNE EPM (Telco subsidiary of EPM) and TIGO (Millicom) merged in 2014. This implies that EPM and Millicom could eventually be a single bidder through UNE TIGO. . AT&T - Directv: in 2015, the company expressed its interest on ETB, as it could be a strategic acquisition considering the company’s infrastructure in mobile, internet and data center services, also offered by AT&T but not in Colombia. The company has made efforts to enter the Colombian internet market through Directv but currently has a marginal market share in this service. Furthermore, Directv’s product loses competitivity without bundling, which could result in client churn. If the transaction were to happen, Directv would be able to bundle internet, mobile, TV and telephone, offering more competitive prices. . Telefonica: Telefonica no longer seems like a fit buyer for ETB, related to its difficult current financial situation and the latest capitalization announced by the government.

2 Market Shares

Internet market share in Colombia Internet market share in Bogota

EPM would be the 100% 100% second participant in 80% 80% internet market 60% 60% shares both in Bogota and in 40% 40% Colombia through 20% 20% a purchase of ETB. 0% 0% 1Q114Q113Q122Q131Q144Q143Q152Q16 1Q114Q113Q122Q131Q144Q143Q152Q16 ETB Claro UNE/EPM Movistar Others ETB Claro UNE/EPM Movistar Others

Fixed line market share in Colombia Fixed line market share in Bogota 100% 100%

80% 80% ETB has slightly decreased its 60% 60% market share over the last 2 years 40% 40%

20% 20%

0% 0% 4Q15 1Q16 2Q16 3Q16 4Q16 4Q15 1Q16 2Q16 3Q16 4Q16 ETB Claro UNE Movistar Others ETB Claro UNE Movistar Others TV Market Share in Colombia TV Market Share in Bogota

100% 100%

80% 80% ETB has gained TV market share 60% 60% since its entry to 40% 40% Bogota, with a 8.3% share gain in 20% 20% less than 3 years. 0% 0% 1Q13 3Q13 1Q14 3Q14 1Q15 3Q15 1Q16 3Q16 1Q13 3Q13 1Q14 3Q14 1Q15 3Q15 1Q16 3Q16

ETB Claro DIRECTV UNE/EPM ETB Claro DIRECTV UNE/EPM Movistar HV TV Others Movistar HV TV Others

3 Important Disclosures

This research report was prepared by Credicorp Capital Peru S.A and/or Credicorp Capital Colombia Sociedad Comisionista de Bolsa and/or Credicorp Capital S.A. Corredores de Bolsa, companies authorized to engage in securities activities in Peru, Colombia and Chile, respectively and indirect subsidiaries of Credicorp Capital Ltd. (jointly referred to as “Credicorp Capital”). None of the companies jointly referred to as Credicorp Capital are registered as broker-dealers in the United States and, therefore, they are not subject to U.S. rules regarding the preparation of research reports and the independence of research analysts. This research report is provided for distribution only to “major U.S. institutional investors” in reliance on the exemption from registration provided by Rule 15a-6 of the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”). Any U.S. recipient of this research report wishing to effect any transaction to buy or sell securities or related financial instruments based on the information provided in this research report can do so only through Credicorp Capital Securities Inc., a registered broker-dealer in the United States. Under no circumstances may a U.S. recipient of this research report effect any transaction to buy or sell securities or related financial instruments directly through Credicorp Capital. CCSI or any of its representatives are not involved in any way in the preparation, development, or supervision of the research report and does not have any influence whatsoever over the research content. Any analyst whose name appears on this research report is not registered or qualified as a research analyst with the Financial Industry Regulatory Authority (“FINRA”) and is not a registered representative of Credicorp Capital Securities Inc. and, therefore, is not subject to applicable restrictions under FINRA Rules on communications with a subject company, public appearances and trading securities held by a research analyst account.

A. Analyst Disclosures The functional job title of the person(s) responsible for the recommendations contained in this report is Equity Research Analyst unless otherwise stated on the cover.

Regulation AC - Analyst Certification: Each Equity Research Analyst listed on the front-page of this report is principally responsible for the preparation and content of all or any identified portion of this research report and hereby certifies that with respect to each issuer or security or any identified portion of the report with respect to an issuer or security that the Equity Research Analyst covers in this research report, all of the views expressed in this research report accurately reflect their personal views about those issuer(s) or securities. Each Equity Research Analyst also certifies that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation(s) or view(s) expressed by that Equity Research Analyst in this research report. Each Equity Research Analyst certifies that he or she is acting independently and impartially from the referenced company/shareholders, directors and is not affected by any current or potential conflict of interest that may arise from any of the companies’ activities. Analyst Compensation: The research analyst(s) primarily responsible for the preparation of the content of this research report attest(s) that no part of his or her compensation was, is or will be, directly or indirectly, related to the specific recommendations that he or she expressed in the research report. The equity research analysts responsible for the preparation of this report receive compensation based upon various factors, including the quality and accuracy of research, client feedback, competitive factors, and overall firm revenues. Registration of non-US Analysts: Unless otherwise noted, the non-US analysts listed on the front of this report are employees of one of the companies jointly referred as Credicorp Capital, which are non-US affiliates of Credicorp Capital Securities Inc., a SEC registered and FINRA member broker-dealer. Equity Research Analysts employed by the companies jointly referred as Credicorp Capital, are not registered/ qualified as research analysts under FINRA/NYSE rules, are not registered representatives of Credicorp Capital Securities Inc. and may not be subject to NASD Rule 2711 and NYSE Rule 472 restrictions on communications with covered companies, public appearances, and trading securities held by a research analyst account. Please refer to www.credicorpcapital.com for further information relating to research and conflict of interest management.

4 B. Ownership and Material Conflicts of Interest

Other significant financial interests Credicorp Capital Securities Inc. or its affiliates ´beneficially own´ securities issued by the company referenced in this report according to the following table:

Type of instruments Equal or less than USD 50,000 Other equity securities - Debt securities - Derivatives on ETB equity/debt securities

Neither the research analysts primarily responsible for the preparation of the content of this research report nor their household members ´beneficially own´ securities issued by any of the companies referenced herein.

C. Compensation and Investment Banking Activities Neither Credicorp Capital Securities Inc. or any of its affiliates have managed or co-managed a public offering of securities for any of the companies referenced in this report. Neither Credicorp Capital Securities Inc. nor its affiliates have received compensation, within the past 12 months, for investment banking services from any of the companies referenced in this report. Neither Credicorp Capital Securities Inc. nor its affiliates do expect to receive or intend to seek compensation, in the next 3 months, for investment banking services from the companies referenced in this report.

D. Other Compensation and Non-Investment Banking Activities Credicorp Capital Securities Inc. or its affiliates currently provide or have provided, within the past 12 months, non-investment- banking securities-related services to the following company: ETB Credicorp Capital Securities Inc. or its affiliates also have received compensation, within the past 12 months, for non-investment- baking securities-related services from the following company: ETB

E. Market Making Credicorp Capital Securities Inc. or its affiliates act as market maker in the following company(ies): ETB

5 F. Rating System Stock ratings are based on the analyst’s expectation of the stock’s total return during the twelve to eighteen months following assignment of the rating. This view is based on the target price, set as described below, and on the analyst’s opinion, general market conditions and economic developments. Buy: Expected returns of 5 percentage points or more in excess over the expected return of the local index, over the next 12-18 months. Hold: Expected returns of +/- 5% in excess/below the expected return of the local index over the next 12-18 months. Underperform: Expected to underperform the local index by 5 percentage points or more over the next 12-18 months. Under Review: Company coverage is under review. The IPSA, COLCAP and IGBVL indexes are the selective equity indexes calculated by the Bolsa de Comercio de Santiago, the Bolsa de Valores de Colombia, and the Bolsa de Valores de Lima, respectively. In making a recommendation, the analyst compares the target price with the actual share price, and compares the resulting expected return for the IPSA, the COLCAP, and/or the SPBVL indexes, as estimated by Credicorp Capital S.A. Corredores de Bolsa, Credicorp Capital Colombia Sociedad Comisionista de Bolsa, and/or CredicorpCapital Peru S.A, and then makes a recommendation derived from the difference in upside potential between the shares and the respective index.

G. Distribution of Ratings

Buy Hold Underperform Restricted / UR

Companies covered with this rating 31% 49% 14% 6%

Compensation for investment banking 36% 41% 18% 20% services in the past 12 months*

*Percentage of investment banking clients in each rating category.

H. Price Target Unless otherwise stated in the text of this report, target prices in this report are based on either a discounted cash flow valuation or comparison of valuation ratios with companies seen by the analyst as comparable or a combination of the two methods. The result of this fundamental valuation is adjusted to reflect the analyst’s views on the likely course of investor sentiment. Whichever valuation method is used there is a significant risk that the target price will not be achieved within the expected timeframe. Risk factors include unforeseen changes in competitive pressures or in the level of demand for the company’s products. Such demand variations may result from changes in technology, in the overall level of economic activity or, in some cases, in fashion. Valuations may also be affected by changes in taxation, in exchange rates and, in certain industries, in regulations. Investment in overseas markets and instruments such as ADRs can result in increased risk from factors such as exchange rates, exchange controls, taxation, and political and social conditions. This discussion of valuation methods and risk factors is not comprehensive – further information is available upon request.

6 I. Price Chart.

ETB (etb cb)

800 Date Rating Price (COP) T.P. (COP) 750 12/09/2014 hold 565 620 700 24/10/2014 hold 549 600 26/10/2015 buy 605 630 650 B 690 B 720 24/06/2016 Under Rev iew 587 Under Rev iew 600 01/07/2016 buy 587 720 550 06/09/2016 buy 606 690 500 450

400

Jul-16

Apr-16 Oct-16 Apr-17

Jun-16 Jan-17

Feb-17 Mar-17

Nov-16 Dec-16

Aug-16 Sep-16

May-16 May-16

Source: Bloomberg and Credicorp Capital

Credicorp Capital ratings: B = Buy, H = Hold, U = Underperform

7 II.ADDITIONAL DISCLOSURES

This product is not for retail clients or private individuals.

The information contained in this publication was obtained from various publicly available sources believed to be reliable, but has not been independently verified by the companies jointly referred as Credicorp Capital, therefore they do not warrant the completeness or accuracy of such information and does not accept any liability with respect to the accuracy or completeness of such information, except to the extent required by applicable law. This publication is a brief summary and does not purport to contain all available information on the subjects covered. Further information may be available on request. This report may not be reproduced for further publication unless the source is quoted. This publication is for information purposes only and shall not be construed as an offer or solicitation for the subscription or purchase or sale of any securities, or as an invitation, inducement or intermediation for the sale, subscription or purchase of any securities, or for engaging in any other transaction. This publication is not for private individuals.

Any opinions, projections, forecasts or estimates in this report are those of the author only, who has acted with a high degree of expertise. They reflect only the current views of the author at the date of this report and are subject to change without notice. The companies jointly referred to as Credicorp Capital have no obligation to update, modify or amend this publication or to otherwise notify a reader or recipient of this publication in the event that any matter, opinion, projection, forecast or estimate contained herein, changes or subsequently becomes inaccurate, or if research on the subject company is withdrawn. The analysis, opinions, projections, forecasts and estimates expressed in this report were in no way affected or influenced by the issuer. The author of this publication benefits financially from the overall success of Credicorp Capital. The investments referred to in this publication may not be suitable for all recipients. Recipients are urged to base their investment decisions upon their own appropriate investigations that they deem necessary. Any loss or other consequence arising from the use of the material contained in this publication shall be the sole and exclusive responsibility of the investor and Credicorp Capital accepts no liability for any such loss or consequence. In the event of any doubt about any investment, recipients should contact their own investment, legal and/or tax advisers to seek advice regarding the appropriateness of investing. Some of the investments mentioned in this publication may not be readily liquid investments. Consequently it may be difficult to sell or realize such investments. The past is not necessarily a guide to future performance of an investment. The value of investments and the income derived from them may fall as well as rise and investors may not get back the amount invested. Some investments discussed in this publication may have a high level of volatility. High volatility investments may experience sudden and large falls in their value which may cause losses. International investing includes risks related to political and economic uncertainties of foreign countries, as well as currency risk.

To the extent permitted by applicable law, no liability whatsoever is accepted for any direct or consequential loss, damages, costs or prejudices whatsoever arising from the use of this publication or its contents.

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8 Country and region disclosures

United Kingdom: This document is for persons who are Eligible Counterparties or Professional Clients only and is exempt from the general restriction in section 21 of the Financial Services and Markets Act 2000 on the communication of invitations or inducements to engage in investment activity on the grounds that it is being distributed in the United Kingdom only to persons of a kind described in Articles 19(5) (Investment professionals) and 49(2) (High net worth companies, unincorporated associations, etc.) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended). It is not intended to be distributed or passed on, directly or indirectly, to any other class of persons. Any investment to which this document relates is available only to such persons and other classes of person should not rely on this document.

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This communication is confidential and is intended solely for the addressee. It is not to be forwarded to any other person or copied without the permission of the sender. This communication is provided for information only. It is not a personal recommendation or an offer to sell or a solicitation to buy the securities mentioned. Investors should obtain independent professional advice before making an investment.

Notice to U.S. Investors: This material is not for distribution in the United States, except to “major US institutional investors” as defined in SEC Rule 15a-6 ("Rule 15a-6") and related guidance. Credicorp Capital and its affiliates has entered into arrangements with Credicorp Capital Securities Inc., which enables this report to be furnished to certain U.S. recipients in reliance on Rule 15a-6 through Credicorp Capital Securities Inc., which is registered under the U.S. Securities Exchange Act of 1934, as amended.

Each U.S. recipient of this report represents and agrees, by virtue of its acceptance thereof, that it is a "major U.S. institutional investor" (as such term is defined in Rule 15a-6) and that it understands the risks involved in executing transactions in such securities. Any U.S. recipient of this report that wishes to discuss or receive additional information regarding any security or issuer mentioned herein, or engages in any transaction to purchase or sell or solicit or offer the purchase or sale of such securities, should contact a registered representative of the Credicorp Capital Securities Inc. that provided the report.

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You may obtain information about SIPC, including the SIPC brochure, by contacting SIPC directly at 202-371-8300; website: http://www.sipc.org

9 Credicorp Capital Securities Inc., is a wholly owned subsidiary of Credicorp Capital Ltd.

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10 CONTACT LIST

ANDEAN RESEARCH TEAM SALES & TRADING

Heinrich Lessau Hugo Horta Director of Research Director of Sales & Trading [email protected] [email protected] # (562) 24461704 # (511) 416 3333 Ext 36088

EQUITY RESEARCH EQUITY SALES & TRADING

CHILE PERU COLOMBIA CHILE PERU COLOMBIA

Carolina Ratto Mallie Héctor Collantes Juan Camilo Dauder René Ossa Rodrigo Zavala Juan A. Jiménez Head of Equity Research - Retail Head of Equity Research - Mining Head of Equity Research International Equity Sales Head of Equity - Peru Head of International Equity Sales [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] # (562) 2446 1768 # (511) 416 3333 Ext 33052 # (571) 339 4400 Ext 4155 # (562) 2651 9324 # (511) 313 2918 Ext 36044 # (571) 339 4400 Ext 1701

Tomás Sanhueza Jasmine Helme Carlos E. Rodriguez Sofía Gueneau de Mussy Ursula Mitterhofer Santiago Castro Senior Analyst: Food & Beverages, Senior Analyst: Consumption, Cement & Associate: Infrastructure, consumption International Equity Sales Sales & Trading International Sales & Trading Transport, Telecom & I.T. Construction [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] # (571) 339 4400 Ext 1365 # (562) 2651 9340 # (511) 313 2918 Ext 32922 # (571) 339 4400 Ext 1344 # (562) 2446 1751 # (511) 416 3333 Ext 36065 Christian Munchmeyer Credicorp Capital Securities INC Andrés Cereceda Jorge F. Tudela Sebastián Gallego International Sales & Trading Senior Analyst: Healthcare, Pension Senior Analyst: Utilities & Small-Caps Associate: Banks [email protected] Funds, Pulp & Paper. [email protected] [email protected] # (562) 2450 1613 Christopher DiSalvatore [email protected] # (511) 416 3333 Ext 37854 # (571) 339 4400 Ext 1594 Institutional Sales # (562) 2446 1798 Credicorp Capital UK Ltd. [email protected] # (786) 999 1236 Frederic Cartallier Steffania Mosquera Marilyn Macdonald Senior Analyst: Utilities Senior Analyst: Transport, TMT & I.T. International Equity Sales Cristián Castillo [email protected] [email protected] [email protected] International Sales Trader # (562) 2651 9332 # (571) 339 4400 Ext 1025 # (4477) 7151 5855 [email protected] # (786) 999 1633 German Wagemann Analyst: Industrials & Mining FIXED INCOME SALES & TRADING [email protected] # (562) 2450 1688 Andrés Nariño Alfredo Bejar Director Sales Offshore Head of International FI Ana María Bauzá [email protected] [email protected] Research Coordinator # (571) 339-4400 Ext. 1459 # (511) 205 9190 Ext 36148 [email protected] # (562) 2450 1609 CHILE PERU COLOMBIA

FIXED INCOME & ECONOMICS RESEARCH Gonzalo Covarrubias Evangeline Arapoglou Carlos Sanchez Head of Capital Markets Head of international FI Sales Head of Fixed Income CHILE PERU COLOMBIA [email protected] [email protected] [email protected] # (562) 2450 1635 # (511) 416 3333 Ext 36099 # (571) 323 9154 Maria Eugenia Diaz Diego Cavero Daniel Velandia, CFA Head of Fixed Income Research Senior Fixed Income Analyst Head of Research & Chief Economist Guido Riquelme Andrés Valderrama Camilo Moreno [email protected] [email protected] [email protected] Head of Sales Fixed Income Sales Head of Sales # (562) 2651 9308 # (511) 416 3333 Ext 37946 # (571) 339 4400 Ext 1505 [email protected] [email protected] [email protected] # (562) 2446 1712 # (511) 416 3333 Ext 40352 # (571) 323 9252 Sergio M. Ferro, CFA Juan Pablo Brosset Camilo A. Durán Senior Fixed Income Analyst Fixed Income Analyst Macro Analyst Belén Larraín Lizeth Espiritu Andrés Agudelo [email protected] [email protected] [email protected] Head of International FI Sales Fixed Income Sales Fixed Income Sales # (562) 2651 9368 # (511) 416 3333 Ext 36018 # (5511) 339 4400 Ext. 1383 [email protected] [email protected] [email protected] # (562) 2446 1720 # (511) 416 3333 Ext 36143 # (571) 339 4400 Ext 1768 Felipe Guzmán Senior Economist Rafael Gaete Guillermo Arana Emilio Luna [email protected] Local Fixed Income Sales Fixed Income Sales Fixed Income Sales # (562) 2651 9385 [email protected] [email protected] [email protected] # (562) 2651 9336 # (511) 313 2902 Ext. 36144 # (571) 339 4400 Ext 1761

Diego Hidalgo Santiago de Aubeyzon Local Fixed Income Sales Fixed Income Sales [email protected] [email protected] # (562) 2450 1693 # (511) 313 2000 Ext. 36168

Credicorp Capital Securities INC

Christian Jarrin Jhonathan Rico Fixed Income Sales USA Fixed Income Trader [email protected] [email protected] # 1 (786) 999 1616 # 1 (786) 9991614

11